"Wal-Mart reorganizes US operations" by Associated Press | January 29, 2010
NEW YORK - Wal-Mart, which generated $400 billion in sales last year, has been able to grab wealthier consumers trading down from higher-priced stores.
Yeah, that is good for our economy.
But the discounter also has seen growing signs of financial strain among its core customers, noticing more pronounced swings in spending between paycheck cycles. In the most recent quarter, the company’s namesake discount stores saw sales at US stores open at least a year fall 0.5 percent.
Oh, my!! SALES at WAL-MARTS were DOWN?!!!
Then THIS ECONOMY is NOT GROWING AT ALL, no matter what government or MSM say!
The weak US performance was eased somewhat by growth abroad, where total sales rose 1.6 percent.
Translation: ONLY YOU are HURTING, America!
The REST of the WORLD is GROWING!!!
Maybe it has come time to END the BANKRUPTING and WASTEFUL WARS, huh?
Adjusted for currency fluctuations, international sales rose 12.1 percent....
Translation: When you DISCOUNT the DECAYING DOLLAR, then PROFITS SOAR!
By granting geographic regions in the United States more autonomy, the company creates a structure that is more similar to its overseas operations.... “This move will help facilitate our growth as we seek to enter new markets and develop new segments across the US and will drive efficiencies by allowing us to better leverage our resources,’’ said Eduardo Castro-Wright, vice chairman.
He's talking about new markets as sales decline?
(Blog editor shakes head)
And that last bit about "leverage" sounds like LAYOFFS to me!
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Related:
"Wal-Mart cuts about 10% of workforce at Sam’s Club" by Mae Anderson, Associated Press | January 25, 2010
NEW YORK - Wal-Mart Stores Inc. will cut about 11,200 jobs at Sam’s Club warehouses as it turns over the task of in-store product demonstrations to Shopper Events, an outside marketing company.
The move is an effort to improve sales at Sam’s Club, which has underperformed the company’s namesake stores in the United States and abroad. The cuts represent about 10 percent of the warehouse club operator’s 110,000 staff members across its 600 stores, including nine in New England. The cut includes 10,000 workers, mostly part-timers, who offer food samples and showcase products to customers. The company also eliminated 1,200 workers who recruit members....
During Wal-Mart Stores’ most recent quarter, revenue at the Sam’s Club division slipped nearly 1 percent to $11.55 billion, while US Wal-Mart stores posted a 1.2 percent sales increase to $61.81 billion. Earlier this month, Wal-Mart Stores closed 10 underperforming Sam’s Club locations, resulting in the loss of about 1,500 jobs. “It’s not a cost-cutting measure; it’s really an investment in enhancing our demo program,’’ Cornell said. Shopper Events plans to hire “roughly the same number of people’’ cut, Brian Cornell, Sam’s Club chief executive, said in a phone interview.
Watch where you step, readers. Lot of bullshit around.
Cornell said Sam’s Club decided to eliminate its membership unit because “we have found that we can more effectively drive membership through targeted member acquisition events and by increasing our partner membership programs.’’
And it will reduce our labor costs.
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Yeah, that will sure help our jobs picture.
Pffft!
